Delhivery on Wednesday announced the acquisition of Bengaluru-based Spoton Logistics. Samara Capital and Xponentia, which together acquired Spoton from IEP (India Equity Partners) in 2018, are making a full exit for cash as part of the transaction, the firm said in a statement.
Delhivery did not disclose the deal value.
The acquisition comes a little over a month after the IPO-bound company secured a fresh $100-million equity investment from FedEx Express, a subsidiary of FedEx Corp. The deal will bolster Delhivery’s existing B2B capabilities.
Currently valued at about $3 billion, the logistics start-up turned unicorn in 2019 on the back of a $400-million funding round led by SoftBank. It claims to have fulfilled over 1 billion shipments and has more than 17,000 customers, including large, small e-commerce participants and SMEs.
“Over 10 years Delhivery has established a leading position in B2C logistics and now by combining our part truckload business with Spoton’s we will be on the path to the same position in B2B express as well. More importantly, we are well placed to provide benefits of synergies between our B2C and B2B express businesses to the customers of both Delhivery and Spoton, and further enhance our end-to-end supply chain capabilities,” said Sahil Barua, CEO at Delhivery.
“Our combined scale and focus on technology and data will enable us to develop new solutions for our customers and allow us to enter new verticals in freight,” said Sandeep Barasia, chief business officer at Delhivery.
Spoton Logistics, which specialises in express logistics, operates a pan-India network covering more than 300 locations and over 22,000 PIN codes, according to the firm’s website.